This form is used to resolve any question as to how royalty is to be paid to the Parties in the event of production, under the Lease, on any part of the Lands. The Parties are entering into this Agreement to stipulate and agree to the ownership of each Party's respective share of the royalty reserved in the Lease payable for production attributable to their Interests from a well located anywhere on the Lands.
The Wake North Carolina Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease is a legal document that outlines the terms and conditions related to the payment of nonparticipating royalties in Wake County, North Carolina. This agreement pertains specifically to the division of royalty payments for segregated tracts that fall under the coverage of a single oil and gas lease. Keywords: Wake North Carolina, agreement, governing, payment, nonparticipating royalty, segregated tracts, oil and gas lease, terms and conditions, Wake County. Types of Wake North Carolina Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease: 1. Standard Wake North Carolina Agreement: This is the typical agreement used for the payment of nonparticipating royalties under segregated tracts covered by one oil and gas lease in Wake County. It outlines the standard terms and conditions regarding the distribution of royalty payments. 2. Modified Wake North Carolina Agreement: This type of agreement is customized to accommodate specific modifications or additional clauses deemed necessary by the parties involved. It may include tailored provisions related to the calculation, timing, or allocation of nonparticipating royalties. 3. Renewal Wake North Carolina Agreement: When an existing agreement is due to expire or needs to be extended, a renewal agreement is drafted. It essentially renews the terms and conditions of the previous agreement, ensuring the continued fair distribution of nonparticipating royalties for segregated tracts. 4. Amended Wake North Carolina Agreement: In situations where changes or modifications are required to an existing agreement, an amended agreement is created. This agreement updates the original terms, incorporating any necessary adjustments related to the payment or distribution of nonparticipating royalties. 5. Consolidated Wake North Carolina Agreement: When multiple oil and gas leases within Wake County are consolidated or combined, a consolidated agreement is drafted. This agreement governs the payment of nonparticipating royalties for the segregated tracts covered by all the leases involved, streamlining the process for all parties. These various types of Wake North Carolina Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease cater to different circumstances and requirements, ensuring fair and appropriate distribution of nonparticipating royalties within Wake County.The Wake North Carolina Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease is a legal document that outlines the terms and conditions related to the payment of nonparticipating royalties in Wake County, North Carolina. This agreement pertains specifically to the division of royalty payments for segregated tracts that fall under the coverage of a single oil and gas lease. Keywords: Wake North Carolina, agreement, governing, payment, nonparticipating royalty, segregated tracts, oil and gas lease, terms and conditions, Wake County. Types of Wake North Carolina Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease: 1. Standard Wake North Carolina Agreement: This is the typical agreement used for the payment of nonparticipating royalties under segregated tracts covered by one oil and gas lease in Wake County. It outlines the standard terms and conditions regarding the distribution of royalty payments. 2. Modified Wake North Carolina Agreement: This type of agreement is customized to accommodate specific modifications or additional clauses deemed necessary by the parties involved. It may include tailored provisions related to the calculation, timing, or allocation of nonparticipating royalties. 3. Renewal Wake North Carolina Agreement: When an existing agreement is due to expire or needs to be extended, a renewal agreement is drafted. It essentially renews the terms and conditions of the previous agreement, ensuring the continued fair distribution of nonparticipating royalties for segregated tracts. 4. Amended Wake North Carolina Agreement: In situations where changes or modifications are required to an existing agreement, an amended agreement is created. This agreement updates the original terms, incorporating any necessary adjustments related to the payment or distribution of nonparticipating royalties. 5. Consolidated Wake North Carolina Agreement: When multiple oil and gas leases within Wake County are consolidated or combined, a consolidated agreement is drafted. This agreement governs the payment of nonparticipating royalties for the segregated tracts covered by all the leases involved, streamlining the process for all parties. These various types of Wake North Carolina Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease cater to different circumstances and requirements, ensuring fair and appropriate distribution of nonparticipating royalties within Wake County.
